Daily Technical Highlights – (KGB, CCM)

Technically, the share has been on a rally after rebounding and breaking above its 100-day in mid-December. Coupled with upticks in key momentum indicators and above-average trading volume at 5.4m, we believe the overall technical outlook may continue to be positive.

Should the buying momentum persist, we look towards RM1.25 (R1) and RM1.30 (R2).

Conversely, support levels can be identified at RM1.16 (S1) and RM1.06 (S2).

CCM (Not Rated)

CCM gained 13.0 sen (+7.07%) to close at RM1.97 last night.

Despite the gain, we are not convinced that the bullish run yesterday will continue as there is no technical indicator, which shows a prominent sign of a potential rally. Moreover, yesterday’s move was not backed by strong trading volume.

Expect the share to retrace back to its support levels at RM1.75 (S1) and even RM1.55 (S2).

Should there be positive news flow, the share may then test its resistances at RM2.00 (R1) and RM2.20 (R2).